Life Insurance

Effective January 1, Hartford Life will provide benefits under Colby's Group Life Insurance Plan, with no rate increase for 2014. Basic coverage as shown in the chart below, is provided to current employees based on your attained age as of January 1. Colby pays the cost of basic coverage for employees.

   
Age Amount
under 30 $50,000
30-34 $45,000
35-39 $40,000
40-44 $35,000
45-49 $30,000
50-54 $25,000
55-59 $20,000
60+ $15,000
 
Optional Coverge
  • Optional coverage for employees and spouses is available subject to approval by Hartford Life. The payment for these options can be made through payroll deduction. The exact cost for optional and/or dependent life insurance coverage is shown on your personalized Benefit Election Form.
    • Note these are monthly rates. If you are on bi-weekly payroll, the cost for each pay period will be half the amount listed.
    • Example - For $100,000 of additional coverage for a 35 year old, the employee would pay $9.00/month or $4.50/bi-weekly
Monthly Rate by Age Group <30 30-34 35-39 40-44 45-49 50-54 55-59 60-64 65+
Option I $50,000 3.00 3.00 4.50 7.00 11.00 19.00 30.50 39.50 63.50
Option II Level 1 $100,000 6.00 6.00 9.00 14.00 22.00 38.00 61.00 79.00 127.00
Option II Level 2 $150,000 9.00 9.00 13.50 21.00 33.00 57.00 91.50 118.50 190.50
Option II Level 3 $200,000 12.00 12.00 18.00 28.00 44.00 76.00 122.00 158.00 254.00
Option II Level 3 $250,000 15.00 15.00 22.50 35.00 55.00 95.00 152.50 197.50 317.50


 
  • Spousal partner life insurance may be purchased from Hartford Life  through payroll deduction. It is available in increments of $10,000 up to a maximum of $50,000. 
    • Note these are monthly rates. If you are on bi-weekly payroll, the cost for each pay period will be half the amount listed.
    • Example - For $100,000 of coverage for a 35 year old spouse/partner, the employee would pay $9.00/month or $4.50/bi-weekly
Rate by Age Group <35 35-39 40-44 45-49 50-54 55-59 60-64 65-69 70-74 75+
Monthly Rate per $10,000 .60    .90 1.40 2.20 3.80 6.10 7.90 12.70 22.50 38.30


 
  • Dependent life insurance may be purchased from Hartford Life through payroll deduction.
  • Dependent Child(ren) means:
    1) Your unmarried children, stepchildren, legally adopted children; or
    2) any other children related to you by blood or marriage or domestic partnership who:
            a) live with you in a regular parent-child relationship; and/or
            b) You claimed as a dependent on your last filed federal income tax return;
                provided such children are primarily dependent upon You for financial support and maintenance and are:
                       1) from live birth to age 26; or
                       2) age 19 or older and disabled. Such children must have become disabled before attaining age 19. 
                           You must submit proof, satisfactory to Hartford, of such children's disability
  • Dependents birth to six months - there is a maximum of $2,000 coverage
  • Qualifying dependents six months up to 26 years old - see rate table below
    • Note these are monthly rates. If you are on bi-weekly payroll, the cost for each pay period will be half the amount listed.
    • Example - For $10,000 of coverage for each six month to 18 year old dependent, the employee would pay $1.40/month or .70/bi-weekly
Coverage Amount $2,000 $4,000 $6,000 $8,000 $10,000
Monthly Rate .28    .56 .84 1.12 1.40

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